Updating your business plan

27-Nov-2020 08:36

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Summarise historic and forecast financial information including integrated profit, cash flow and balance sheet forecasts for, say, the next three years.10/02/2011 By Guy Rigby, Head of Entrepreneurs at Smith & Williamson A well-drafted business plan is crucial when raising finance or trying to attract investment, but it is also, of course, an essential tool for the successful management of a business.Including your competitors in your business plan This section should include market research showing market size and your existing/potential market share in specific sectors, as well as information about your competitors.Provide details of major clients and business relationships to demonstrate your strengths and allay any concerns over business concentration.

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If an investor is interested in your business, and you are interested in having them as a partner, a fair valuation will emerge over time.

It should preferably be just a page or two and be able to stand on its own, enabling any reader to immediately understand the purpose of your plan.

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